At Monday's open, WTI crude was down 0.6%; spot gold opened higher, peaking at $3,889/oz.

Erdogan will visit South Korea from the 2nd to 4th and meet South Korea's Lee, he said on the 1st. He said priorities are deepening political dialogue and reinvigorating economic ties, identifying the defence industry, nuclear power, high-tech, artificial intelligence and renewables as key cooperation areas. He set a target to raise bilateral trade to USD15 billion annually, seek a more balanced trade structure, boost investment and tighten production cooperation. He specifically flagged the planned second nuclear power plant at Sinop in northern Turkey, naming South Korea an important candidate partner for the project.

After threats of a renewed Middle East war, the UAE said it hopes US-Iran talks will yield a diplomatic breakthrough while preparing for worst-case outcomes. Anwar, the UAE presidential foreign policy adviser, said “we hope for a diplomatic breakthrough,” adding the region does not want another escalation and that the UAE, as before, is preparing for the worst.